The captured flex spending Level 3 data (such as product/SKU description, product code and discount) is helpful for expense categorization and approval as well as advanced consumer marketing analytics. Products or services received, including quantity, price per unit and tax.HSA/HCSA and FSA Receipt Data Fieldsĭata fields on HSA, HCSA and FSA receipts include: However, manual entry of employee data is error-prone and lengthens the time between the transaction and reimbursement. Proper management of health and flex savings accounts and plans requires accurate employee data. Whether the receipts are paper or electronic, the HCSA receipt data needs to be extracted, transformed and audited before reimbursement is approved. The plan administrator processes the employee data. In some cases, an employee may receive a debit card that automatically sends electronic receipts to the administrator. The employee is responsible for submitting all healthcare savings account receipts to the savings plan administrator for reimbursement. Examples of eligible items include prescriptions, over-the-counter medication such as a fever reducer, chiropractic appointments and ambulance transportation. But, a single receipt (for example, from a drug store) may include both eligible and ineligible items. Some types of health savings accounts allow unspent money to roll over at the end of the year others do not.įor health savings accounts, only approved medical expenses and supplies are eligible for reimbursement. Throughout the next 12 months, the employer allocates a certain percentage of each paycheck to this account. At the beginning of a tax year or a new job, an employee decides how much money to set aside in an HSA or FSA for the year. Similar to a personal savings account, individual employees own and control these types of accounts, but the IRS sets yearly contribution limits. What Are HSA Receipts, HCSA Receipts and FSA Receipts?Ī health savings account (HSA) and its siblings - health reimbursement account (HRA), health care savings account (HCSA) and flex spending account (FSA) - are pre-tax medical savings accounts that help reduce the costs of medical care and products not covered by health insurance (out-of-pocket costs). With no humans in the loop, Veryfi is GDPR, HIPAA and CCPA compliant, using top-level encryption to ensure sensitive data stays safe and individual privacy is protected. Veryfi increases receipt data capture accuracy to 97% or higher, helping enterprises boost efficiency while decreasing costs. Veryfi’s AI-driven OCR solution for health and medical receipts can accelerate HCSA and FSA receipt data extraction. However, the data extraction process is tedious and error prone - especially considering the strict data privacy and security guidelines that govern the medical industry such as HIPAA. However, reimbursement only takes place after the receipt is submitted, the data is extracted, validated and the expense is approved.įor companies that process health care receipts (such as insurance carriers or debit card providers), the data within these receipts is of high value, providing insight into employee/patient preferences. These health spending accounts are used to carefully track medical expenses so the patient can be reimbursed. The last time you went to the doctor’s office and made a payment, did you receive a receipt? Employees with HSA, HCSA or FSA accounts most likely did.
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